Yashraj Biotechnology Limited made an offer to acquire 26% stake in Utkal Soap Products Limited for INR 1.7 million in cash on December 31, 2013. Under the terms of agreement, Yashraj Biotechnology Limited will acquire 0.104 million shares at an offer per share of INR 16. The offer was triggered since Yashraj Biotechnology Limited agreed to acquire 48.34% stake in Utkal Soap Products Limited from Kailash Tantia, Akash Tantia, South India Projects Limited, J.P. Tantia HUF, Jay Prakash Tantia and Kailash Soap Pvt Ltd for INR 1.9 million on December 31, 2013. Yashraj Biotechnology had deposited INR 1.7 million in escrow account. Tender offer shall commence on February 20, 2014 and expire on March 6, 2014. The transaction will be funded from own sources of Yashraj Biotechnology. The date of dispatch of letter of offer to the shareholders of Utkal Soap Products is February 13, 2014, the last date for revising the offer price/number of shares is February 15, 2014, the last date by which Board of Utkal Soap Products shall give its recommendation is February 17, 2014, and the last date of communicating rejection/acceptance and payment of consideration for applications accepted/return of unaccepted share certificates/credit of unaccepted shares to demat account is March 21, 2014.

As of February 11, 2014, the offer would be subject to all statutory approvals that may become applicable at a later date. This Offer is not conditional on any minimum level of acceptance. Post Offer, Yashraj Biotechnology Limited proposes to, subject to compliance with the applicable provisions of the Companies Act, Listing Agreement with the Stock Exchange and other applicable Laws and Regulations, to venture into Biotechnology and related fields in Utkal Soap Products Limited. The committee of Independent Directors of the Board of Utkal Soap Products Limited will come out with their recommendations for the offer. The revised tender offer dates are from February 18, 2014, to March 5, 2014. The last date of communicating rejection/acceptance and payment of consideration for applications accepted/return of unaccepted share certificates/credit of unaccepted shares to demat account has been revised from March 21, 2014, to March 20, 2014.

R. Ramakrishnan of Fedex Securities Limited acted as financial advisor for Yashraj Biotechnology Limited. Ashok Sen of Niche Technologies Private Limited acted as registrar for Yashraj. Hasmukh B Dedhia of Khimji Kunverji & Co. acted as the accountant for Yashraj Biotechnology Limited. Trans Scan Securities Pvt. Ltd acted as depository bank for Utkal Soap Products Limited.